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Are you worried that your building under construction will catch fire? Or get vandalized? Does the thought of stolen heavy equipment or building materials make you nervous?You're not alone. In fact, a study by the Chartered Institute of Building found that 92% of those surveyed in the employee contact list construction industry suffer from regular theft on site. One in five of the employee contact list respondents added that theft occurs on a weekly basis from their sites.The NICB (PDF) adds that the average value of a stolen piece of construction equipment is $46,273.
They add: “Annual estimates of the cost of stolen equipment range from approximately $300 million to $1 billion, with most estimates being in the range of $400 million. What's worse? “The estimates do not include losses due to employee contact list business interruptions. These losses include the cost of rentals, project delay penalties, and lost labor and management time. » In other words, construction site theft is a widespread and costly problem in the employee contact list industry.How can you prevent it?construction_risk_insuranceConstruction risk insurance.What is construction risk insurance?Have you ever heard of construction risk insurance?It is a type of property insurance, also known as builders risk insurance.
The insurance is applicable for buildings under construction or renovation. Construction insurance allows you to transfer your risks to employee contact list an insurer.With construction risk insurance, you can insure the structure, raw materials and workers on site. A standard policy generally covers damage caused by fire, theft, explosion or lightning. You can also get additional coverage for natural disasters such as earthquakes, floods, etc.Damage due to faulty design, workmanship or poor quality materials is not covered.The insurance covers all types of construction, residential and commercial. You will be the main insured. Your contractors, lenders and customers will be the other insureds.Want to employee contact list know how many of your peers use construction insurance?